Tata Group leader Tata Steel LTd (BOM:500470) will increase its steel manufacturing capacity in the country by three fold from the current 7 million tonnes per annum (MTPA) to 21 MTPA over next one year.

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Tata Steel, formerly known as TISCO (Tata Iron and Steel Company Limited), is the world's 5th largest and India's largest steel company with an annual crude steel capacity of 28 million tonnes. It is a Fortune Global 500 company with a rank of 315. It is based in Jamshedpur, Jharkhand, India. It is part of Tata Group of companies. Tata Steel is also India's second-largest and second-most profitable company in private sector with consolidated revenues of Rs 1,32,110 crore and net profit of over Rs 12,350 crore during the year ended March 31, 2008.

Its main plant is located in Jamshedpur, Jharkhand, with its recent acquisitions, the company has become a multinational with operations in various countries. The Jamshedpur plant contains the DCS supplied by Honeywell.The registered office of Tata Steel is in Mumbai. In the year 2000, the company was recognised as the world's lowest-cost producer of steel. The company was also recognized as the world's best steel producer by World Steel Dynamics in 2005. The company is listed on BSE and NSE; and employs about 82,700 people (as of 2007).

History

Tata Steel was established by Indian Parsi businessman Jamshetji Nusserwanji Tata in 1907 (he died in 1904, before the project was completed)[1]. Tata Steel introduced an 8-hour work day as early as in 1912 when only a 12-hour work day was the legal requirement in Britain. It introduced leave-with-pay in 1920, a practice that became legally binding upon employers in India only in 1945. Similarly, Tata Steel started a Provident Fund for its employees as early as in 1920, which became a law for all employers under the Provident Fund Act only in 1952. Tata Steel's furnaces have never been disrupted on account of a labour strike and this is an enviable record.

Acquisitions

In August 2004, Tata Steel entered into definitive agreements with Singapore based NatSteel Ltd to acquire its steel business for Singapore $486.4 million (approximately Rs 1,313 crore) in an all cash transaction.

In 2005, Tata Steel acquired 40% Stake in Millennium Steel based in Thailand for $130 million (approx. Rs 600 crore).

On January 31 2007 Tata Steel won their bid for Corus after offering 608 pence per share, valuing Corus at £6.7 bn ($11.3bn); as a result and pending acceptance and completion of the takeover, the joining of the two will create the fifth largest steel company in the world. Corus itself was created in 1999, as a result of the merger of the UK's British Steel with Koninklijke Hoogovens of the Netherlands.[2]